Closed-end fund is a special kind of investment fund, and its operation mode and characteristics are different from those of open-end fund. Closed-end funds usually determine the total shares of the fund at the time of establishment, and these shares cannot be increased or decreased after issuance. Closed-end funds are usually listed and traded on the stock exchange after issuance, and investors can participate in investment by buying and selling fund shares.

The following are some characteristics of closed-end funds:

1. Fixed total shares: the total shares of closed-end funds have been determined at the time of establishment, and these shares cannot be increased or decreased after issuance.

2. Trading method: Closed-end funds are usually listed and traded on stock exchanges, and investors can participate in investment by buying and selling fund shares.

3. Duration: Closed-end funds usually have a fixed duration, usually 10- 15 years. After the expiration of the fund, it can be liquidated or converted into an open-end fund.

4. Transaction price and net value: The transaction price of closed-end funds is affected by the relationship between market supply and demand, which may be higher or lower than the net value of funds. The price of open-end fund directly depends on the net value of the fund.

5. Dividend method: Closed-end funds usually distribute their income to investors in the form of dividends. The time, amount and method of dividends shall be stipulated in the fund contract.

It should be noted that there is no essential difference between closed-end funds and open-end funds in investment strategy and operation mode, but the way of buying and selling fund shares is different. Closed-end funds usually pay more attention to medium and long-term investment, while open-end funds pay more attention to liquidity. When choosing a fund, investors need to choose the appropriate fund type according to their investment objectives and risk tolerance.